Officers of Quanta Services to Report the Withholding of Shares
02 March 2009 - 10:00PM
PR Newswire (US)
HOUSTON, March 2 /PRNewswire-FirstCall/ -- Quanta Services, Inc.
(NYSE: PWR) announced today that certain of its executive officers
will submit Form 4 filings by tomorrow pursuant to Section 16 of
the Securities Exchange Act of 1934. Under Quanta's 2001 Stock
Incentive Plan and 2007 Stock Incentive Plan, certain of its
employees, including certain executive officers, previously
received restricted stock awards, a portion of which vested on
February 28, 2009. These awards for Quanta's executive officers
were previously reported on Form 4 filings. Pursuant to the Plans,
employees may elect to satisfy their tax withholding obligations
upon vesting by having Quanta make the tax payments and withhold a
number of vested shares having a value on the date of vesting equal
to the employee's tax withholding obligation. As a result of
employee elections, Quanta withheld shares of stock from certain of
its executive officers to satisfy their tax obligations. The Form 4
filings will report as "dispositions" the number of shares withheld
by Quanta and will reflect that the dispositions are exempt
transactions in accordance with Rule 16b-3 under the Exchange Act.
Quanta Services is a leading specialized contracting services
company, delivering infrastructure network solutions for the
electric power, natural gas, telecommunications and cable
television industries. The company's comprehensive services include
designing, installing, repairing and maintaining network
infrastructure nationwide. Additionally, Quanta provides dark fiber
construction and leasing in select markets and offers related
design, procurement, construction and maintenance services. With
operations throughout North America, Quanta has the manpower,
resources and expertise to complete projects that are local,
regional, national or international in scope. Contacts: James
Haddox, CFO Ken Dennard / Reba Reid Kip Rupp / Quanta Services,
Inc. DRG&E 713-629-7600 713-529-6600 DATASOURCE: Quanta
Services, Inc. CONTACT: James Haddox, CFO, or Reba Reid, both of
Quanta Services, Inc., +1-713-629-7600; or Ken Dennard, , or Kip
Rupp, , both of DRG&E, +1-713-529-6600, for Quanta Services,
Inc.
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